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For Those Who Think A Flood Of Affluent American Retirees Is Coming


Mainecoons

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Guess again.


Study after study shows that Americans are not saving for retirement like they should, and a new survey finds that nearly one third of people who have some sort of savings plan have amassed less than $1,000 for retirement.

The survey titled “Preparing for Retirement in America,” by Employee Benefit Research Institute (EBRI) and Greenwald and Associates, finds that only 65 percent of workers have any savings for retirement, a number that fell below the 75 percent figure from 2009.

But 28 percent of workers report that they have saved less than $1,000 for retirement, and almost 6 in 10 Americans say that their financial planning needs improvement.

Additionally, 34 percent say they have made no effort at all to saving anything or make a retirement plan. Still, most say that they intend to start saving at some point.

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Yes. Except for those people who really are living a very minimalist lifestyle due to very small income, the problem is they have been taught about instant gratification and are influenced by what they think they must have through all the advertisements.

I don't think they teach how to manage money in schools. Of course, that would make sense, as the teachers themselves don't know about money management. The whole world needs the Dave Ramsey method of handling money.

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Guess again.

While I am not saying there isn't a slow down or will continue to be a slow down of people retiring here, but I have a question.

If this study is a reflection of all workers then it can be misleading. Is it lumping ALL workers together.? It would make more sense in the short term to look at the 50+ group. They are the ones everyone refers to as the " flood of retirees". Twenty something probably are nothing thinking of retirement and skew the study results.

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How about a little trip down memory lane to our own life experiences? Many of us are, in fact, retired from the States and are 65 plus.

Waaaaaay back in our youth, credit cards were unheard of . If you needed money, you earned it and saved it. If you wanted to buy a house, you had to have at least 20% down payment. If you were married and both of you were working, the wife's income didn't count in applying for credit. And so on.

Is it any wonder that the present generation who are at or approaching retirement age aren't financially ready for it? Their brains were well washed by the advertising industry and their money spent accordingly. Added to that, there was an obscene inflation in the housing market resulting in needing two salaries to just make the payments on an ordinary house. Plus, their parents didn't die on schedule to leave them their money. Modern medicine is keeping them alive and being taken care of in at great expense in nursing homes up into their nineties. You do the math on that one.

So now what, for the ones who are getting to the age where companies don't want to keep them on as they age, or won't hire them if the company they were working for goes broke? Some of them are going to be looking south for survival. No matter how tough the Mexican govt. has made the entry requirements, enough of them will be able to squeak through, and that's what they may do. It won't be a flood. It will be a trickle, and it won't save any of our tushies on the real estate we bought at the peak.

Bless 'em who will be coming, and I wish them luck and welcome.

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The "flood" is bunk just as the 2012 Olympics was. You're assuming people with little savings are going to suddenly see MX as a panacia - that a long stretch, is a very long stretch. Next, not everyone is excited about disconnecting from their families, extended families and ancestoral home land to move to a country with bad press at a minimum.

Ask yourself this simple question: "how are 93,000,000 unemployed workers in the US continuing to eat, have their iPhones, TV's etc with no income"? Now, if they can live like that here what does MX offer by contrast? - other than fabulous weather.

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Ask yourself this simple question: "how are 93,000,000 unemployed workers in the US continuing to eat, have their iPhones, TV's etc with no income"? Now, if they can live like that here what does MX offer by contrast? - other than fabulous weather.

93 million?Where did that figure come from?

Are they counting little kids and retired folk?

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Bureau of Labor Statistics for the total civilian, non-institutionalized population not in the labor force, seasonally adjusted, for January 2015. The total that month was 92.5 million. http://www.bls.gov/webapps/legacy/cpsatab1.htm

Granted it casts a wide net, 16 years and older, but all are people who could be working and are eating and needing living quarters, in other words souls that could live in MX - but aren't.

But, even if it were half that, the point is they are living NOB and not standing in line at Laredo to get their FMM.

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I think the title of the post is misleading, in response to golden bead. But the point is well-taken. And Gringals' and giltner68 are right on... except for the 93,000,000 figure: Interesting. A third of the population, or three times that of Canada's population.

The number of long-term unemployed (those jobless for 27 weeks or more) was little
changed at 2.6 million in March. These individuals accounted for 29.8 percent of the
unemployed. Over the past 12 months, the number of long-term unemployed has declined
by 1.1 million. (See table A-12.) http://www.bls.gov/news.release/empsit.nr0.htm

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The actual unemployment rate of less than 6% hides the ones who are under employed, who have simply given up looking (how do they continue to live?).

My Father died when I was 14, I was already working with a paper route but I continued to work until age 66, when I looked up my SS it documented earnings all the way back to then. I won't dip my toe in the obvious elephant in the room currently playing out at the border.

When I came up last Fall I bought a 3/2 house with 4 car garage and 1.3 acres. Monthly PITI is $474 a month. Electricity is exactly opposite of the CFE, it's reliable, it's clean and the more I use the less it costs per KWH - imagine that. Good roads, clean water and quiet, interstingly I live between two MXN neighbors, neither have loud radios or barking dogs. Now, having lived there I know the plus's, but had I not lived there before, with my current situation, what would be the allure of MX to cause me to sell everything and pack up?

My point is that while people will continue to move to MX, I don't see the "wave".

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The actual unemployment rate of less than 6% hides the ones who are under employed, who have simply given up looking (how do they continue to live?).

But the figures I linked to "accurately" represent the total number of unemployed, if extrapolated. "29.8%" of total unemployed. So about 1/3, providing a number of closer to 10 million. In any case, the link I provided gives you all the details on the hidden unemployed, part time, "marginally attached", etc.

I am in agreement with your point, as I originally said in my post, but certainly the 93,000,000 number needed to be cleared up.

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You can split hairs all you want, if you like your number

Nobody's splitting hairs, your 93 million figure is laughable and posting something like that degrades your credibility,imo.

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Guest bennie2

it is about 93 million. the foreigners are taking many jobs, low skilled & tech jobs. US gov has an incentive for employers to do that. people will still move here regardless if they are affluent or not. get ready for the high rises!

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Look, just like I said, you pick the number, this discussion isn't about "the number" - the point is the same, the numbers are there in the chart, how you want to view them is your decision, has nothing to do with credibility - although we are talking about the US Gov if that has any bearing on "credibility", it has everything to do with how millions of people live here and now and why I just don't see a stampede to live in MX. Of course I could be wrong, but I'd not bet the farm on that one.

In the 7 years I lived there I saw some increase in overall population, not "waves" - and, like you I'm sure, I saw a fair number leave. A lot of things drive the choice, it's not being able to work there, it's not their massive "safety nets" for imigrants, it's not great jobs you can work at and it's not cheap to live there anymore, so why the fantasy of massive waves of people moving?

I would also speculate that the original article about $1k in the bank doesn't take into account a whole lot of people who have everything tied up in houses. And in some cases in depressed areas they can't sell them at a decent price or sometimes any price and they're stuck living there until they die.

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it is about 93 million. the foreigners are taking many jobs, low skilled & tech jobs. US gov has an incentive for employers to do that. people will still move here regardless if they are affluent or not. get ready for the high rises!

Someone just posted a note about conspiracy theories. This belongs right in there.

So you're saying that fully one third of all Americans are unemployed, including children, prisoners, and seniors. Since there estimated to be 75 million children right now, that leaves about 250 million adults. And of those adults, 93 million are unemployed? And I mean unemployed, not retired. I mean people who would work. (Let's not mix this up with those who don't want to work.) This number approaches as statistic that say almost half of all Americans are unemployed. Wow, what a country.

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Look, just like I said, you pick the number, this discussion isn't about "the number" - the point is the same, the numbers are there in the chart, how you want to view them is your decision, has nothing to do with credibility - although we are talking about the US Gov if that has any bearing on "credibility", it has everything to do with how millions of people live here and now and why I just don't see a stampede to live in MX. Of course I could be wrong, but I'd not bet the farm on that one.

In the 7 years I lived there I saw some increase in overall population, not "waves" - and, like you I'm sure, I saw a fair number leave. A lot of things drive the choice, it's not being able to work there, it's not their massive "safety nets" for imigrants, it's not great jobs you can work at and it's not cheap to live there anymore, so why the fantasy of massive waves of people moving?

I would also speculate that the original article about $1k in the bank doesn't take into account a whole lot of people who have everything tied up in houses. And in some cases in depressed areas they can't sell them at a decent price or sometimes any price and they're stuck living there until they die.

But false equivalencies don't change anything. If you can't believe the government, then give me some figures from someone else we can all believe in.

Again, not one answer here is arguing with your belief that people aren't stampeding to Mexico.

All the original article referred to was people with working incomes... no mention of age, opportunity, anything.

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Here is what I said: Ask yourself this simple question: "how are 93,000,000 unemployed workers in the US continuing to eat, have their iPhones, TV's etc with no income"? Now, if they can live like that here what does MX offer by contrast? - other than fabulous weather.

The BLS states that number, it has no opinion on why they are or aren't working, only that range could be working and I'm asking how do they live now and why should they stampede to MX? So far I've not heard a single good reason to support a "ripple, much less a wave". I see a lot of 16 year old kids working and I'm on a first name basis at Home Depot and Lowes and a lot of those people are darn close to 75 if not over (which BTW is something they can't do in MX). The BLS stats take into account the potential work force and that's all I quoted.

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Guest bennie2

almost every so called conspiracy theory has turned out to be true. (worse than one could imagine. the best is yet to come). look @ the last 50-60 years. your govt is not honest. considering they own most of mainstream media, & fund most think tanks, a joke. there are 350 million americans, so they say. you are forgetting the "americans in waiting" (as the dear leader calles them). 10,000 per month arriving from arabic countries. they should be added into the numbers. the central americans who are coming in like crazy. the US pop is more than what that old number it. but so what? i see crowds here (ajijic) of mexicans moving in from guad. plus if you are really "affluent" how many areas would be suitable here? one frac, some streets in ajijic near the lake? one developement maybe? why would someone want to put up w/the immigration renewals/car bs/household help nonsence?? why not just buy a home in palm beach? then when it gets hot, go the colorado mountains, or live in north california? (edited to say "almost" every conspir.....")

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every so called conspiracy theory has turned out to be true.

Sure they have,who really believes that Apollo 11 landed on the moon,it was all faked in a movie studio,right?
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The wave was 2004-2008 and it is over for the monent, perhaps forever.

Four major things have happened:

1. Homes in the US were appreciating at a fabulous rate. People put 5% down on a 300,000 house, refinanced it for an additional 200,000 two years later and came here and bought a second home. That is over. I know people here who lost their home NOB and are now "house rich, cash poor" in Mexico.

2. You used to be able to come here to live here with little or no income. Those people got RP by being grandfathered but now, you have to show income to come here and live. The amount required seems to vary by consulate but many people only have SS and not enough to make the numbers.

3. You can't get Medicaid/Medicare here. I know several people who have gone NOB for medical care.

4. The drug problem scares people NOB.

When I came in 2007, there were no tables at Salvadors at 8:30am any day of the week and a line on Sunday. On Tuesday of last week at 9am, there was one outside table full and the waiters had a table inside and that was it.

We are losing people because of death, illness and going back, etc. but I don't see a lot of new permanent people. The people that are moving in are Mexicans that work in Guad and want their kids in schools here.

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Here is what I said: Ask yourself this simple question: "how are 93,000,000 unemployed workers in the US continuing to eat, have their iPhones, TV's etc with no income"? Now, if they can live like that here what does MX offer by contrast? - other than fabulous weather.

The BLS states that number, it has no opinion on why they are or aren't working, only that range could be working and I'm asking how do they live now and why should they stampede to MX? So far I've not heard a single good reason to support a "ripple, much less a wave". I see a lot of 16 year old kids working and I'm on a first name basis at Home Depot and Lowes and a lot of those people are darn close to 75 if not over (which BTW is something they can't do in MX). The BLS stats take into account the potential work force and that's all I quoted.

The real number to look at is the Labor Participation rate. That is the percentage of people 16-65 that are actually working. It has been dropping since 2008. It is now back to 1970 levels. Average household income has dropped 10% from $54,000 to $49,000 and average individual income has dropped from $37,000 to $34,000.

The US government is cooking the books on employment. If you work 1 hour a month or make more than $20, you are technically employed.

I do some part time work on the web. This month, I worked 10 hours and made $236.00. According to the government, I'm "employed". Who could live on $236 a month?

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Well, I'm one of the 92.5M unemployed and happily, although the work I'm doing here and now is a lot harder than when I used to wear a suit and travel on an expense account.

But just to beat a dead horse one more time, 92.5M are "unemployed" but still making it ok, some better than others, what is the magic of MX?

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